NATCO (NTG) Reduces Guidance For Second Half of Year; Also, Receives Letter of Intent for Major Contract
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NATCO Group Inc. (NYSE: NTG) announced that it has executed a second Letter of Intent (LOI) to provide CO2 membrane separation technology and equipment to a leading National Oil Company in South East Asia. These commitments total over $34 million. The final contract, anticipated for release later this year, is expected to exceed $120 million and would be the largest single contract award in NATCO's history.
NATCO Group also stated that third and fourth quarter results would be negatively affected by a number of hurricane related issues in all business segments and certain other factors. As a result, NATCO Group is reducing guidance for the second half of the year.
NATCO Group now expects third quarter revenue of $155 to $160 million and segment profit of $11 to $13 million, exclusive of certain legal compliance review costs. For the fourth quarter, NATCO Group expects revenue and segment profit of $175 to $180 million and $23 to $25 million, exclusive of certain legal compliance review costs respectively
NATCO Group Inc. is a leading provider of process equipment, systems and services used in the production of oil and gas. NATCO has designed, manufactured and marketed production equipment and services for over 80 years.
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